Washington—Senator Dianne Feinstein (D-Calif) today issued the following statement on tax credit extensions in last week’s government funding bill that lower the cost of installing renewable energy or energy efficient improvements for homeowners and companies:
“By extending these tax credits for homeowners and companies for five years, Congress provided a real sense of stability for the clean-energy industry that will mean new jobs and lower emissions. It shows that fighting climate change doesn’t have to come at the expense of growing the economy, as California has proved for years.
“Climate change is real and it’s happening now. Our tax code needs to recognize that fact by not burdening companies and families seeking to make the right choice. Extending these tax provisions is a good start, but much more remains to be done to protect our planet.”
- Extends the 30 percent tax credit for commercial or residential investments in new renewable energy, including geothermal, fuel cells and heat pumps—providing the same five years of certainty currently enjoyed by solar and wind energy.
- Retroactively provides tax credits for energy-efficient windows, furnaces, boilers, insulation and other home renovations made last year.
- Reinstates the tax on oil that funds the Oil Spill Liability Trust Fund.